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Tag Archives: Lawyers

The Secure Act and your Estate Planning

Planning for retirement and estate planning are important at any age. That is why the Estate Planning attorneys with Althauser Rayan Abbarno want our clients to have up-to-date information.  The recently passed, SECURE Act (Setting Every Community Up for Retirement Enhancement Act) makes changes (some retroactive) to some distributions from IRAs and 401(k) plans.

Plan Ahead for Inherited IRAs

Estate Planning Attorneys with Althauser Rayan Abbarno help clients plan.

Before the Secure Act, if you inherited an IRA from someone other than your spouse, you were generally required to take distributions from that account, but you could stretch out those payments over your entire life.

Under the new law passed December 20, 2019, if an IRA owner dies in 2020 or after, the account’s beneficiaries must take all of the money out of the inherited IRA within 10 years after the year of the death. (Some eligible designated beneficiaries (EDBs), including spouses and minor children, are exempt from this rule.)

If you inherit a Roth IRA, there is less concern — everything that comes out of a Roth IRA is tax-free. But with a traditional IRA, you must pay income tax on any distributions in the year you take the money out.

For more information, contact the estate planning attorneys with Althauser Rayan Abbarno in Centralia or Olympia at (360) 736-1301.

Retroactive Effect of the SECURE Act

There are some retroactive effects of the SECURE Act. In the case of a participant who died prior to 2020 and left an IRA to a designated beneficiary, on the death of the designated beneficiary, the new 10-year payout rule will now apply.

For example, assume a mother died prior to 2020 and left her IRA to her adult son. The son started a 34-year payout based on his life expectancy. The son dies in January 2020, only 12 years into the payout period. His adult daughter is the successor beneficiary. Even though there are 22 years left in the original payout period, the daughter will be subject to the new 10-year payout period, and the entire amount of the IRA must be distributed to her by Dec. 31, 2030. Under the old rules, the daughter would have been able to stretch out the payments for the remainder of the original 34-year payout period.

For more information, contact the estate planning attorneys with Althauser Rayan Abbarno in Centralia or Olympia at (360) 736-1301.

It is now 72

Althauser Rayan Abbarno estate planning attorneys in Olympia and Centralia.

The SECURE Act replaces age 70 ½ with age 72 as the age that triggers Required Minimum Distributions (RMD) from retirement accounts, such as traditional IRAs, SEPs, SIMPLEs, SARSEPs, 401(k)s and other defined contribution plans.

For more information, contact the estate planning attorneys with Althauser Rayan Abbarno in Centralia or Olympia at (360) 736-1301.

Penalties!

The annual Required Minimum Distributions (RMD) is mandated by law; there are heavy financial penalties for failing to take the RMD on time. The penalty (an excise tax) is 50 percent of the amount you should have withdrawn but did not. For example, if you missed your RMD of $10,000, you owe the U.S. Treasury $5,000. There is a 50% penalty, which can be waived by the IRS if the beneficiary submits a Form 5329 and provides evidence of reasonable cause.

Call Althauser Rayan Abbarno and your CPA

There is a lot more to the SECURE Act that needs to be understood beyond this discussion.  This article does not constitute legal or tax advice for your specific situation.

If you or someone you know has questions about estate planning, call Althauser Rayan Abbarno at (360) 736-1301 for a consultation in Centralia or Olympia. Our estate planning attorneys will work with your CPA and financial planners to provide the best results for you and you family.

 

 

Halloween Safety Tips!

Halloween Safety Tips!

The National Highway Traffic Safety Administration reports that Halloween is one of the top three days for pedestrian injuries and fatalities.

Furthermore, the Centers for Disease Control and Prevention estimates that children are four times more likely to be struck by a motor vehicle on Halloween than any other day of the year.

Halloween is a fun, so drivers, parents, and trick-or-treaters often forget the dangers. It is a time to be more alert. If you or someone you know is injured, call the injury attorneys with Althauser Rayan Abbarno at (360) 736-1301.

Here are some tips to keep you safe this Halloween:

Drivers

  • Slow down and obey all traffic signs and signals. Drive at least 5 mph below the posted speed limit to allow for more time to react if children run into the road;
  • Watch for children walking on roadways, medians and curbs. Dar costumes are hard to see and the pedestrians may be distracted;
  • Carefully enter and exit driveways and alleys; and
  • Turn on your headlights to make yourself more visible – even in at dusk.

Parents

Continue reading Halloween Safety Tips!

Service v. Emotional Animals: What’s The Law?

In 2018, the Washington State Legislature passed new regulations regarding service animals. The law  went into effect in 2019 and states that service animals are restricted to dogs and small horses and that emotional support and comfort animals are excluded from the definition of service animals.

Horses and Dogs Only!

“Service animal” means any dog or miniature horse, as discussed in RCW 49.60.214, that is individually trained to do work or perform tasks for the benefit of an individual with a disability, including a physical, sensory, psychiatric, intellectual, or other mental disability . . . the provision of emotional support, well-being, comfort, or companionship do not constitute work or tasks.

State law now has less flexibility on what species of animal may be trained as a service animal. “Service animal” is defined as either a dog or a miniature horse. This change eliminates the possibility of trained cats, monkeys, birds, larger horses, or other animals.

Your Local Attorneys in Olympia and Centralia

The attorneys and staff with Althauser Rayan Abbarno have been representing individuals and businesses in our community since 1946.  Providing information about the law and changes to the law help our clients and potential clients be better prepared.  Call our attorneys for a consultation in Centralia or Olympia at (360) 736-1301 or visit www.CentraliaLaw.com

Are Businesses Allowed To Ask Questions About Animals?

Continue reading Service v. Emotional Animals: What’s The Law?

Can Your Spouse Keep A Secret?

Can Your Spouse Keep A Secret? Spousal Privilege!

The State of Washington’s Spousal Privilege is found in RCWA 5.60.060(1). How long will the privilege last?

The Washington provision states, with some exceptions, that a spouse shall not  testify against the other spouse without the consent of the spouse. This long-standing rule protects the confidential communications within a marriage and from one spouse receiving information and later sharing a private disclosure to the public in court.

A spouse or domestic partner shall not be examined for or against his or her spouse or domestic partner, without the consent of the spouse or domestic partner; nor can either during marriage or during the domestic partnership or afterward, be without the consent of the other, examined as to any communication made by one to the other during the marriage or the domestic partnership.

However, the New Mexico Supreme Court recently  abolished the spousal communication privilege in a murder case based on testimony by the defendant’s ex-wife and estranged current spouse.

The court said the privilege “has outlived its useful life,” reported by the Legal Profession Blog and the Associated Press. Justifications that have been cited for the privilege “seem little more than soaring rhetoric and legally irrelevant sentimentality,” the court said in its Aug. 30 opinion.

How long with the Spousal Privilege last in Washington and other states? Only more cases examining the privilege will tell, but it is likely receive more scrutiny.

Contact Althauser Rayan Abbarno in Olympia and Centralia!

Althauser Rayan Abbarno attorneys have been representing individuals and businesses in Washington since 1946. For a Consultation in Olympia or Centralia call (360) 736-1301 or visit www.CentraliaLaw.com

Are you Ready for the Changes to the Residential Landlord-Tenant Act?

The Legislature made many changes to the Residential Landlord-Tenant Act: Are you prepared for the changes?

Althauser Rayan Abbarno  attorneys Jake McGhie and Peter Abbarno gave a Residential Landlord-Tenant Act update to the Lewis County Chapter of Washington Realtors after the Washington State Legislature changed many provisions, and added a few, this past session! Our attorneys enjoyed the opportunity to discuss the new laws.

Contact Our Property Attorneys

For a consultation with our Althauser Rayan Abbarno property attorneys in Olympia or Centralia, call (360) 736-1301 or visit CentraliaLaw.com

*This presentation should not be considered legal advice. Every Property and Landlord-Tenant case is fact specific. For more information about your case or for legal advice, contact your experienced property attorneys at Althauser Rayan Abbarno.

Local Injury Attorneys Warn that Motorcycle Collisions are on the Rise!

Motorcycle liability insurance is not required in the State of Washington; however, Althauser Rayan Abbarno injury attorneys recommend coverage for yourself and others.  That is why Althauser Rayan Abbarno offers FREE Injury Consultations in Olympia and Centralia to victims of motorcycle collisions.

Olympia and Centralia injury attorneys (360) 736-1301

This year, the Washington State Department of Transportation reported 162 crashes involving motorcycles with 11 resulting in fatalities. In Lewis County, there have been 3 motorcycle fatalities and (3) motorcycle fatalities in Thurston County in the first four (4) months this year.

The injury attorneys with Althauser Rayan Abbarno remind all drivers and riders to stay alert and sober.  Crashes can be accidents, but choosing to be financially responsible is not.

Although it is not mandatory, motorcycle riders should consider doing of to the following:

Motorcyclist can be protected by the State insurance minimums of

  • $25,000 for bodily injury/death of one person per accident;
  • $50,000 for bodily injury of two people per accident;
  • $10,000 for injury or property or person per accident
Car and Motorcycle Injury Attorneys in Olympia and Centralia!

The injury attorneys with Althauser Rayan Abbarno represent individuals injured in automobile, motorcycle, bicycle, and pedestrian collisions. To meet with our experienced attorneys in Olympia or Centralia, call (360) 736-1301 or visit CentraliaLaw.com

Protecting Your Family in Case of a Workplace Injury

A workplace injury can be devasting to families. A work injury can lead to financial ruin, strained relationships and even homelessness.

If you’ve suffered a work injury, and you don’t know what to do, you have four choices: do nothing; depend on the advice of your employer; struggle on your own; or seek the advice of a law firm that will fight for the rights and benefits of you and your family.

The choice is obvious, isn’t it? Your decision, says Peter Abbarno, partner at Althauser Rayan Abbarno, LLP in Centralia, can affect not just an immediate claim, but future benefits for the injured worker and their families. Abbarno recognizes the financial strain an injury can cause on a family so he offers free consultations for every injured worker.

A recent article in the Chronicle highlighted the services of Althauser Rayan Abbarno.

Continue reading Protecting Your Family in Case of a Workplace Injury

Allyson Felt: Newest Associate with Althauser Rayan Abbarno

Newest Associate Allyson Felt handles all your Estate Planning needs.

Althauser Rayan Abbarno recently added Allyson Felt to their all-star team as their law firm continues to grow. Allyson’s practice will focus on estate planning, probate, contract and property disputes, and civil litigation.  Allyson is bringing a lot of experience to our community and Althauser Rayan Abbarno’s estate planning practice.

Allyson concurrently earned Bachelor of Arts degrees in Broadcast Journalism and News Editorial from the University of Nebraska-Lincoln in 2010. From there, she relocated to the State of Oklahoma where she attended the University of Oklahoma College of Law. Prior to joining Althauser Rayan Abbarno, Allyson worked as an associate in-house counsel at a title insurance company located in Omaha, Nebraska.

Why You Need to Plan:

No one wants to think about death, but it’s as sure as taxes. So taking care of your loved ones and not leaving them serious financial burdens is important. It is your responsibility to make known how you would like your estate distributed.

“It’s hard for some people to go through this process because maybe they aren’t at that point in their life yet where they want to think about that,” Allyson says. “But it really is financially responsible, especially if you have a family or loved ones that you specifically want things to go to, or you have wishes regarding what happens after your death. These things are really helpful regardless of age.”

Althauser Rayan Abbarno has an easy process to get your affairs in order quickly. “Come in, meet with an attorney and we will set up the documentation you need, and that way you can be sure that in the worst-case scenario, if you are no longer there for you family, you have still provided for them,” Allyson explains.

Althauser Rayan Abbarno’s basic will package includes a will, durable and medical powers of attorney, health care directive and community property agreements, if advisable, together with a whole host of other planning tools to best fit individual needs. The attorneys will tailor a package based on your assets and needs. “Attorneys who don’t practice in this area too often sell their client’s unneeded trusts or unnecessarily complicated plans,” says Allyson. “We don’t subscribe to making things complicated for complication’s sake. Our goal is to provide a plan that is as simple and cost effective as possible to provide you the protection you need.”

“Althauser Rayan Abbarno offers the benefits of a full- service firm,” noted Allyson. “We want to build a relationship with our clients. Often our discussions lead to other areas of need such as personal injury, worker’s compensation, criminal defense, family law, contract and property disputes, and corporate and business law. Our six attorneys handle them all.”

Read more at LewisTalk.com

For more information about estate planning or the law firm, visit Althauser Rayan Abbarno’s website or call their offices at 360-736-1301 (Centralia) and 360-352-1134 (Olympia).